BANKEX: What Will Happen to Your Crypto Savings When You Die

fintech ethereum custody cryptocurrency bitcoin

Not many pieces about cryptocurrencies can be called morbid, but this article aims to break from the norm. Not only that, but it will also actually inform you about what will happen to your cryptocurrency savings postmortem and how you can ensure that your hard-mined bitcoins don’t go up in smoke when you do.

Why it Matters

In 2012, cryptocurrencies were niche with only 406 Bitcoin wallets on blockchain.info. As of 2017, there were 17.5 million wallets. Needless to say, this is a technology that is spreading like wildfire. Not only is it trendy, it is also an inevitable future. Cryptocurrencies have already changed the way the world conceives of money, and crypto’s foundation, blockchain, has revolutionized processes throughout the world, even down to enabling clean water systems in Kenya. So cryptocurrency isn’t merely a trendy way to make money, it is also a gateway to a whole new method of interacting with the technology that defines so much of our daily lives. Cryptocurrency is here to stay, and its implications are wide-reaching, even impacting things such as inheritance.

The Problems with Passing Down Your Cryptocurrency

Say you’ve become independently wealthy using your quick wit and deep understanding of the cryptosphere, and you now have so much cryptocurrency you don’t know what to do with it. Like many wealthy individuals, you want to store your valuables, but hold on, there’s a problem. Your valuables are digital, lines of code that make up a currency.

You still have real worth in this currency, worth that deserves safekeeping and storage, but the traditional institutions you would turn to for these services don’t offer what you need.

Further, you’re worried that if you should perish in a sudden freak accident, the value that you have in cryptocurrencies will be lost to the void. But there is no real way you see to ensure that the cryptocurrencies you have in your digital wallet can be transferred to your loved ones since, if you move on to a better place, the people you want to pass your wealth onto will be shut out from your account. If they don’t have the information needed to unlock your wallet, then that’s it for your funds.

Oh No! You Died. It’s a Good Thing You Knew About Crypto Custody

Terrible news. You are now dead. But, before your untimely passing, you did your research and found something called BANKEX Custody Service. Essentially, Custody Service functions the same way that a traditional safety deposit box does, only with cryptocurrencies — Bitcoin, Ether, Litecoin, and Bitcoin Cash, specifically. A bank or a fund agrees to store crypto assets via Custody Service, and then all the information you need to access the cryptocurrency wallets is also stored in the depository. This makes it easy for your bereaved to access the funds after your funeral. So, you put your wealth into the virtual safety deposit box. Now your loved ones can access your deposited cryptocurrencies even if you haven’t expressly specified your wishes for your cryptocurrencies in your will; user agreements with Custody Service include default intestate legacy account dispersal agreements that are legally binding.

Resting in Crypto Peace

With Custody, common issues with cryptocurrency inheritance are solved. In addition, not only does Custody make it easier for your family to access the funds, it also makes it easier for you. BANKEX Custody Service is secure and protects you from human error — for example, if you forget your password, you can recover it. So not only is Custody Service made to solve problems after death, it is also made to solve problems for the living.

BANKEX Digital Asset Custody

BANKEX is available at:

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What Will Happen to Your Crypto Savings When You Die was originally published in BANKEX - Proof-of-Asset Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

Original article was created by: BANKEX at blog.bankex.org

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

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